Arent Fox Advises on $70 Million New York Commercial Condo Deal for Planned Parenthood
In July, Arent Fox LLP represented Planned Parenthood Federation of America Inc. in its sale of a $69.6 million New York condominium to Brookfield Office Properties Inc. The work was led by Real Estate partner Richard A. Newman and included partner Eleanor D. Zappone.
“I’m delighted to have represented them in this sale and have represented them when they first leased the property and then bought it.” Mr. Newman told Law360.
Arent Fox’s counsel on the transaction included the sale, a short term lease back, the negotiation of a replacement office lease for the organization’s headquarters, and the obtaining of various approvals required under New York law. The work also involved novel tax issues, with the prepayment of one set of municipal bonds and the short term defeasance of a second set of bonds during a period when the US Treasury had suspended the sale of the applicable defeasance securities. In addition, the defeasance presented novel bankruptcy issues and the transaction itself arose only because Planned Parenthood’s purchase option had been sustained after a 10-day arbitration and several judicial proceedings all handled by the firm.
To read Law360’s coverage of the deal, click here.